Faced with fierce competitive threats and the pandemic, forward-thinking insurers are doubling down on AI use

FINTECH REPORT PREVIEW How 3 Forward-Looking Insurers Are Infusing AI Into Their Front, Middle, and Back Offices to Better Compete with Insurtechs and Meet Changing Customer Expectations * This chart and data were pulled from The AI in Insurance Report by Insider Intelligence. Purchase the report here to get immediate access to the full analysis. Get the Full Analysis Today → Insurers have lagged other sectors in implementing AI, leaving a gap for tech-centric firms to disrupt the space. Competitive threats from both insurtechs and big tech firms are reshaping the value chain away from incumbents. And with the pandemic pushing consumers online, the pressure on insurers' digital transformation is intensified. But in the last year, forward-looking incumbents have stepped up the pace of applying AI to their operations, and they're doing so across their front, middle, and back offices. Claims Management. Insurers can leverage AI to streamline the traditionally labor- and data-intensive process in which a policyholder claims compensation for a covered loss or policy event. Much like for underwriting, AI solutions can analyze all data sets—such as the claimant's profile, policy history, and details of the present claim—at once to produce faster, more accurate results and drive down costs: For example, Aon's AI-powered Claims Signal is expected to generate a 4% to 6% improvement in claims indemnity and expenses. Fraud Prevention. AI can also help detect discrepancies and fraud early, reducing insurers' fraud-related outlays: $80 billion in fraudulent claims are made annually in the US, per Stonebridge Business Partners. This application will likely become more widespread among insurers as the industry braces for... Access Full Chart Data & Analysis → Other report highlights you don't want to miss… The Usage-Based Auto Insurance Report How innovative insurers are using IoT to transform auto coverage—and why the pandemic will make this model the new normal… Access Full Report → The Chatbots In Insurance Playbook Case studies on how three insurers are using chatbots to boost customer acquisition, slash claims processing times, and increase staff productivity… Access Full Report → This is just a preview of the information and insights you'll find in The AI in Insurance Report by Insider Intelligence. Purchase the report today for $995 to access the full analysis. Get The Full Report →

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